Mullen Group Ltd. Reports 2012 Financial Results

OKOTOKS, AB, Feb. 20, 2013 /PRNewswire/ - (TSX:MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") reported its financial and operating results for the period ended
December 31, 2012, with comparisons to the same period last year.

For the twelve month period ended December 31, 2012, Mullen Group
generated record revenue of $1,427.6 million, operating income of
$293.8 million and net cash from operating activities of $279.9
million. Cash was used, among other things, to acquire net property,
plant and equipment of $103.2 million, pay cash dividends of $82.6
million and fund an acquisition of $5.8 million.

Mullen Group's revenue of $1,427.6 million for the year ended December
31, 2012, increased by $40.3 million or 2.9 percent from the $1,387.3
million generated in 2011. The year over year increase in consolidated
revenue was largely attributable to the revenue growth experienced in
the first and second quarters of 2012 compared to the same quarters in
2011, which was somewhat offset by the decrease in consolidated revenue
experienced in the third and fourth quarters of 2012 compared to same
quarters in 2011.

The Oilfield Services segment generated $897.3 million in revenue for
the year ended December 31, 2012, which represents a marginal 0.7
percent decrease in revenue compared to $903.8 million reported in
2011. The increase in revenue in the first and second quarters of 2012
compared to 2011 resulted mainly from increased demand in drilling
activity along with increased demand for core drilling services.
However, the increases in revenue from the first and second quarters of
2012 were offset by decreases in revenue in the third and fourth
quarters, which generally came from a slow down in drilling activity,
the completion of the Thin Fine Tailings ("TFT") barge system project and the delay in pipeline construction
activity. The Trucking/Logistics segment generated $535.6 million in
revenue for the year ended December 31, 2012, which represents a 9.5
percent increase in revenue compared to the $489.3 million reported in
2011. This $46.3 million increase in the Trucking/Logistics segment's
revenue is mainly attributable to recognizing a full year of Hi-Way 9
revenue, increased demand for multi-modal and specialized
transportation services in western Canada and an increase in fuel
surcharge revenue.

Mullen Group generated record operating income of $293.8 million in
2012, an increase of $5.8 million or 2.0 percent over the
$288.0 million generated in 2011. The increase in operating income was
the combined effect of a marginal $6.4 million decrease in operating
income reported by the Oilfield Services segment which was more than
offset by an $11.0 million increase in operating income reported by the
Trucking/Logistics segment and decreased corporate costs. Operating
income as a percentage of revenue for 2012 was 20.6 percent compared to
20.8 percent in 2011.

"Mullen Group's record performance in 2012, in terms of revenue
generation and operating income, reinforces the strength of our
self-managed business unit model which provides Mullen Group diversity
in service offerings in multiple geographical regions. This is not to
say that 2012 was not without its challenges. The combined effect of
the completion of the TFT barge system project by Canadian Dewatering
L.P. in the second quarter of 2012, decreased drilling activity in the
last half of the year and the delay in a number of pipeline
construction projects did have an unfavourable impact on our results in
2012. However, the demand for core hole delineation services, well
servicing and fluid hauling along with the continued demand for
specialized and multi-modal transportation services benefited a number
of our business units and was key in driving our record performance,"
said Mr. Stephen H. Lockwood, President and Co-Chief Executive Officer.

In 2012 Mullen Group generated net income of $130.9 million, or $1.58
per share, an increase of $11.5 million or 9.6 percent, as compared to
$119.4 million or $1.50 per share in 2011. The $11.5 million increase
in net income was mainly attributable to an $11.6 million positive
variance in unrealized foreign exchange and Mullen Group's improved
operating performance, which contributed $5.8 million of additional
operating income. These increases were somewhat offset by $5.1 million
of higher income tax expense and a $2.8 million negative variance in
the fair value of investments. Adjusting Mullen Group's net income and
earnings per share to eliminate the impact of unrealized foreign
exchange and the change in fair value of investments resulted in
adjusted net income of $133.0 million and adjusted earnings per share
of $1.60, as compared to $125.4 million and $1.57 per share in 2011,
respectively. These adjustments more clearly reflect earnings from an
operating perspective.

In the fourth quarter of 2012 Mullen Group generated revenue of $346.1
million, a decrease of $48.0 million or 12.2 percent from the $394.1
million generated for the same period in 2011. The decrease in revenue
is primarily due to decreased revenue experienced in the Oilfield
Services segment, which reported a $47.7 million reduction in revenue
in the fourth quarter of 2012 compared to the same period in 2011. The
decrease in revenue in the Oilfield Services segment generally reflects
the completion of the TFT barge system project along with a reduction
in revenue related to tailing reduction operations for a large oil
sands customer, reduced drilling activity, and the delay of a number of
large pipeline construction projects. Revenue in the
Trucking/Logistics segment was generally flat in the fourth quarter of
2012 compared to the same period last year.

Mullen Group generated operating income for the fourth quarter of $71.2
million, a decrease of $12.6 million or 15.0 percent over the same
period in 2011. Generally the decrease in operating income came from
the reduced revenue recorded by the Oilfield Services segment while the
Trucking/Logistics segment reported a marginal increase in operating
income in the quarter. Operating income as a percentage of revenue was
20.6 percent for the fourth quarter of 2012 compared to 21.3 percent in
2011.

"At the start of 2012, Mullen Group expected our operating results for
the year to be consistent with 2011 as we did not see any catalyst for
significant growth. This, as our results show, was fairly accurate.
What I am particularly pleased with, in addition to our record
operating results, is the validation that our business model works very
well as is evidenced in the strength of Mullen Group's balance sheet
which includes $122.8 million in cash. This strength in our balance
sheet is imperative as we enter what we expect to be somewhat of an
unpredictable 2013. The fact remains that Mullen Group will continue to
invest in our business units to ensure they remain best in class, be
opportunistic when accretive acquisitions meeting our economic model
are presented and very importantly, reward our shareholders,'' said Mr.
Murray K. Mullen, Chairman and Chief Executive Officer.

A summary of Mullen Group's results for the quarter and year ended
December 31, 2012, along with revenue and operating results by segment
are as follows:

SUMMARY

(unaudited)(millions, except per share amounts)

Three month periods ended December 31

Twelve month periods ended December 31

2012

2011

Change

2012

2011

Change

$

$

%

$

$

%

Revenue

346.1

394.1

(12.2)

1,427.6

1,387.3

2.9

Operating income(1)

71.2

83.8

(15.0)

293.8

288.0

2.0

Unrealized foreign exchange (gain) loss

2.7

(7.3)

(137.0)

(5.2)

6.4

181.3

Change in fair value of investments

6.0

—

(100.0)

6.7

3.9

(71.8)

Net income

21.8

47.5

(54.1)

130.9

119.4

9.6

Net Income - adjusted(2)

29.7

38.8

(23.5)

133.0

125.4

6.1

Earnings per share(3)

0.25

0.59

(57.6)

1.58

1.50

5.3

Earnings per share - adjusted(2)

0.34

0.48

(29.2)

1.60

1.57

1.9

Net cash from operating activities

67.7

71.6

(5.5)

279.9

221.4

26.4

Net cash from operating activities per share(3)

0.77

0.89

(13.5)

3.37

2.77

21.7

Cash dividends declared per Common Share

0.25

0.25

—

1.00

1.00

—

Notes:

(1)

Operating income is defined as net income before depreciation on
property, plant and equipment, amortization on intangible assets, finance costs, unrealized foreign exchange gains
and losses, other (income) expense and income tax expense.

(2)

Net income - adjusted and earnings per share - adjusted are calculated
by adjusting net income and basic earnings per share by the amount of any unrealized foreign exchange
gains and losses and by the change infair value of investments.

(3)

Earnings per share and net cash from operating activities per share are
calculated based on the weighted average number of Common Shares outstanding for the period.

Operating income, net income - adjusted and earnings per share -
adjusted are not recognized terms under IFRSand do not have standardized meanings prescribed by IFRS. Management
believes these measures are usefulsupplemental measures. Investors should be cautioned that these
indicators should not replace net income and earnings per share as indicators of performance.

CIO, CTO & Developer Resources

SEGMENTED RESULTS

(unaudited)(millions)

Three month periods ended December 31

Twelve month periods ended December 31

2012

2011

Change

2012

2011

Change

$

$

%

$

$

%

Revenue

Oilfield Services

209.8

257.5

(18.5)

897.3

903.8

(0.7)

Trucking/Logistics

137.6

137.5

0.1

535.6

489.3

9.5

Corporate

(0.1)

—

—

0.7

0.1

—

Intersegment eliminations

Oilfield Services

(0.4)

(0.2)

—

(1.9)

(0.7)

—

Trucking/Logistics

(0.8)

(0.7)

—

(4.1)

(5.2)

—

Total

346.1

394.1

(12.2)

1,427.6

1,387.3

2.9

Operating Income

Oilfield Services

45.9

59.5

(22.9)

200.1

206.5

(3.1)

Trucking/Logistics

26.3

25.8

1.9

98.4

87.4

12.6

Corporate

(1.0)

(1.5)

—

(4.7)

(5.9)

—

Total

71.2

83.8

(15.0)

293.8

288.0

2.0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(thousands)

December 31

2012

2011

$

$

Assets

Current assets:

Cash and cash equivalents

122,772

65,934

Trade and other receivables

219,423

262,587

Inventory

32,097

38,826

Prepaid expenses

10,663

10,498

Current tax receivable

2,083

916

387,038

378,761

Non-current assets:

Property, plant and equipment

843,318

798,362

Goodwill

239,595

241,513

Intangible assets

52,985

69,297

Investments

27,612

34,319

Deferred tax assets

5,029

4,583

Other assets

327

302

1,168,866

1,148,376

Total Assets

1,555,904

1,527,137

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

104,810

125,002

Dividends payable

21,917

20,209

Current tax payable

20,902

12,724

Current portion of long-term debt

1,471

4,974

149,100

162,909

Non-current liabilities:

Long-term debt

392,814

399,232

Convertible debentures - debt component

39,773

103,276

Deferred tax liabilities

147,092

157,421

579,679

659,929

Equity:

Share capital

720,836

641,918

Convertible debentures - equity component

1,843

4,826

Contributed surplus

12,125

11,844

Retained earnings

92,321

45,711

827,125

704,299

Total Liabilities and Equity

1,555,904

1,527,137

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND RETAINED EARNINGS

Three month periods ended December 31

Twelve month periods ended December 31

(thousands, except per share amounts)

2012

2011

2012

2011

$

$

$

$

(unaudited)

Revenue

346,166

394,069

1,427,640

1,387,293

Direct operating expenses

238,648

270,257

983,535

951,825

Selling and administrative expenses

36,332

40,009

150,298

147,493

71,186

83,803

293,807

287,975

Depreciation on property, plant and equipment

18,026

16,574

65,335

61,803

Amortization on intangible assets

4,610

4,714

18,334

19,015

Finance costs

7,084

8,877

32,897

36,279

Unrealized foreign exchange (gain) loss

2,749

(7,332)

(5,194)

6,345

Other (income) expense

7,993

1,089

6,668

5,335

Income before income taxes

30,724

59,881

175,767

159,198

Income tax expense

8,954

12,388

44,858

39,765

Net income and total comprehensive income

21,770

47,493

130,909

119,433

Retained earnings (deficit), beginning of period

92,468

18,427

45,711

(538,917)

Dividends declared to common shareholders

(21,917)

(20,209)

(84,299)

(80,255)

Reduction of stated capital

—

—

—

545,450

Retained earnings, end of period

92,321

45,711

92,321

45,711

Earnings per share:

Basic

0.25

0.59

1.58

1.50

Diluted

0.25

0.54

1.52

1.43

Weighted average number of Common Shares outstanding:

Basic

87,384

80,835

82,961

79,885

Diluted

87,901

91,171

91,785

90,258

CONSOLIDATED STATEMENT OF CASH FLOWS

Three month periods ended December 31

Twelve month periods ended December 31

(thousands)

2012

2011

2012

2011

$

$

$

$

(unaudited)

Cash provided by (used in):

Cash flows from operating activities:

Net income

21,770

47,493

130,909

119,433

Adjustments for:

Depreciation on property, plant and equipment

18,026

16,574

65,335

61,803

Amortization on intangible assets

4,610

4,714

18,334

19,015

Finance costs

7,084

8,877

32,897

36,279

Stock-based compensation expense

390

616

2,768

2,464

Foreign exchange

2,615

(7,198)

(4,913)

5,983

Change in fair value of investments

6,049

9

6,707

3,933

Loss (gain) on sale of property, plant and equipment

944

1,080

(1,039)

1,402

Income tax expense

8,954

12,388

44,858

39,765

Impairment of goodwill

3,000

—

3,000

—

Gain on contingent consideration

(2,000)

—

(2,000)

—

71,442

84,553

296,856

290,077

Changes in non-cash working capital items from operating
activities:

Trade and other receivables

10,794

(8,321)

45,097

(43,684)

Inventory

78

(4,582)

6,915

(13,236)

Prepaid expenses

1,410

612

(81)

(1,273)

Accounts payable and accrued liabilities

(7,716)

3,927

(19,329)

16,215

Cash generated from operating activities

76,008

76,189

329,458

248,099

Income tax paid

(8,401)

(4,629)

(49,604)

(26,689)

Net cash from operating activities

67,607

71,560

279,854

221,410

Cash flows from financing activities:

Cash dividends paid to common shareholders

(21,836)

(20,207)

(82,591)

(69,886)

Interest paid

(10,050)

(11,631)

(31,538)

(35,488)

Repayment of long-term debt and loans

(2,510)

(1,146)

(7,753)

(22,688)

Net proceeds from Common Share issuances

5,451

106

7,054

2,141

Changes in non-cash working capital items from financing
activities

33

(93)

(28)

34

Net cash used in financing activities

(28,912)

(32,971)

(114,856)

(125,887)

Cash flows from investing activities:

Acquisitions

—

221

(5,781)

(72,100)

Purchase of property, plant and equipment

(23,924)

(17,449)

(122,750)

(87,101)

Proceeds on sale of property, plant and equipment

6,591

5,490

19,508

13,538

Purchase of investments

—

(546)

—

(546)

Interest received

316

119

931

740

Other assets

2

10

(25)

1,466

Changes in non-cash working capital items from investment
activities

(1,521)

779

238

739

Net cash used in investing activities

(18,536)

(11,376)

(107,879)

(143,264)

Change in cash and cash equivalents

20,159

27,213

57,119

(47,741)

Cash and cash equivalents, beginning of period

102,479

38,855

65,934

113,313

Effect of exchange rate fluctuations on cash held

134

(134)

(281)

362

Cash and cash equivalents, end of period

122,772

65,934

122,772

65,934

This news release may contain forward-looking statements that are
subject to risk factors associated with the oil and natural gas
business and the overall economy. Mullen Group believes that the
expectations reflected in this news release are reasonable, but results
may be affected by a variety of variables. Mullen Group relies on
litigation protection for "forward-looking" statements.

Mullen Group is a company that owns a network of independently operated
businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil
and natural gas industry in western Canada and as one of the leading
suppliers of trucking and logistics services in Canada - two sectors of
the economy in which Mullen Group has strong business relationships and
industry leadership. Mullen Group provides management and financial
expertise, technology and systems support to its independent
businesses.

Mullen Group is a publicly traded corporation listed on the Toronto
Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.

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Learn how the IoT Cloud will power the world of tomorrow and why managing IoT through the cloud is as important as cloud computing itself. Learn how the devices of tomorrow will work on business models that reflect a new business strategy and a way to consume services.
In his session at @ThingsExpo, Ian Khan, Manager, Innovation & Marketing at Solgenia, will discuss how powered by the cloud and made possible by high tech manufacturing, sensors and devices with one way and even two way ability of control will devise a new IoT Cloud enabled world.

The Federal Government’s “Cloud First” policy mandates that agencies take full advantage of cloud computing benefits to maximize capacity utilization, improve IT flexibility and responsiveness, and minimize cost. The Federal Risk and Authorization Management Program (FedRAMP) is a mandatory government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. Advantages for business include being able to market to many federal agencies after a single FedRAMP review following the government’s “approve once...

The Internet of Things (IoT) has quickly become the next “be all to end all” in information technology. Touted as how cloud computing will connect everyday things together, it is also feared as the real- life instantiation of The Terminator’s Skynet, where sentient robot team with an omnipresent and all-knowing entity that uses technology to control, and ultimately destroy, all of humanity.

As a recent graduate, and now professor in the University of Connecticut's Business Analytics and Project Management masters program, I have a lot of conversations surrounding the topic of "Big Data" and questions such as, "What does that term actually mean?"
Big Data is a fairly new topic and what seems to be an elusive term for many. Conversations are important to help bring clarity to Big Data, as well as generate ideas about how we can shape, not only what it is, but also the future of where it's going.

Knowledge management, in business terms, refers to saving, developing, sharing, and effectively using knowledge for the benefit of organization. It refers to a multi-disciplined approach of achieving organizational objectives by making the best use of knowledge.
Scientia potentia est (Latin proverb meaning "knowledge is power") attributed to 16th century philosopher Sir Francis Bacon is nowadays more valid than ever. Knowledge is power and knowledge management is the key to success.
Knowledge management, in business terms, refers to saving, developing, sharing, and effectively using knowledg...

It is interesting to me, how quickly the hype cycle of a good thing can turn it into a monster that will inevitably eat itself, leaving a much smaller – and much more useful – concept or toolset behind. It has happened over and over in high tech, one need only say “XML” to understand what I mean. It is definitely a useful tool for some jobs, but the “XML Everywhere” craze was insane. People declaring such patently false ideas as “It will end the need for programmers.”

As companies embrace the DevOps movement, they rely heavily on automation to improve the time to market for new features and services. DevOps is a long, never-ending journey with a goal of continuously improving the software delivery process, resulting in better products and services and, ultimately, happier customers. At the beginning of their DevOps journeys, many companies focus on continuous integration (CI), in which they automate the build process. Automated testing is implemented so that builds will fail if any changes fail the baseline tests. The idea here is to never move bugs forward...

We Need a Holistic Network Infrastructure: Why Controllers Are Not Cutting It
For years, we've relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today's modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack.
In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid discussed what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and auto...

Microsoft has announced the long-awaited launch of Windows 10, scheduled to be the iconic platform’s last numbered version. By all estimations, Windows 10 will give modern IT users everything they want, wherever and whenever they need it. The one operating system, on the surface at least, addresses all kinds of devices – from PCs and smartphones to even game consoles.
For Microsoft, Windows 10 is not just another update; it promises a wholly new user experience. Seamlessness is an important theme to recognize, a vital force in an era when employees demand more flexibility in working environme...

Cloud computing budgets worldwide are reaching into the hundreds of billions of dollars, and no organization can survive long without some sort of cloud migration strategy. Each month brings new announcements, use cases, and success stories.